That revision by S&P followed Fortescue’s record full year profit of $2.7 billion, up 56 per cent. The company’s sales soared 45 per cent to more than $11 billion, and it slashed its debts by $3.1 billion.

But the big question for the company – and indeed the wider industry – is: How low will the iron ore price get?

Fortescue, which like BHP Billiton and Rio Tinto is ramping up production in a bid to push down the price and force marginal iron ore producers out the market, is bullish.

“Our expectation is the [iron ore] price will drift upwards . . . as higher cost producers exit and the market rebalances," chief executive Nev Power said after announcing the company’s result for 2013-14. However, he declined to say when prices might recover or to what extent.

In its debt status revision, S&P noted that iron ore prices haven’t been under $US80 a tonne for five years, and estimated Fortescue’s break even cost at around $US60 a tonne.